PJSC CB PrivatBank has commenced legal proceedings in the High Court in London against Igor Kolomoisky and Gennady Bogolyubov, its former owners and officers.

On 19 December 2017, the English High Court granted a worldwide freezing order against Messrs Kolomoisky and Bogolyubov, as well as against six companies they are believed to own or control.

The freezing order was granted on the basis of detailed evidence put to the court that Messrs Kolomoisky and Bogolyubov extracted almost US$2 billion from the bank through a particular series of dishonest transactions, which had the effect of transferring the funds to companies that they secretly owned or controlled.

Through these initial legal proceedings, with interest, PrivatBank is seeking to recover over US$2.5 billion.

PrivatBank is confident that the English court will determine its claims fairly and objectively and that it will succeed in recovering funds that have been misappropriated from it.